Magic GM Otis Smith says he'll continue to be patient in free agency

Orlando Magic General Manager Otis Smith continues to say he'll remain patient as he tries to fill holes in his team's roster.

"What's the rush?" Smith said Monday as the AirTran Airways Pro Summer League started at RDV Sportsplex.

With his team already well over the projected 2010-11 salary cap, Smith seems content to let the free-agent market settle a bit before he makes any moves.

The Magic have several cap exceptions at their disposal: the midlevel exception (worth about $5.6 million for next season), the biannual exception (worth $2.08 million for 2010-11), the Bird exception for restricted free agent J.J. Redick (worth up to a maximum salary), non-Bird exceptions for unrestricted free agents Matt Barnes and Jason Williams and the minimum-salary exception.

Smith faces difficult decisions.

What happens, for example, if Barnes wants more than his non-Bird exception value of $1.92 million for the 2010-11? Would the Magic then use some of the midlevel exception for Barnes, knowing that it would leave them less midlevel exception money for another free agent?

And just how much further into the luxury tax are the Magic willing to go? The tax commands a $1 penalty for every $1 a team goes over the threshold; those penalties could make it too unpalatable for the Magic to re-sign both Redick and Barnes.

The Boston Celtics could make an offer to Redick. Celtics President Danny Ainge acknowledged Monday that he has an interest in Redick.

"He's a tough kid and a good player," Ainge said. "A good all-around player."

In the meantime, the Magic face limited options as they attempt to add point-guard depth behind starter Jameer Nelson.

One possibility could be Golden State Warriors restricted free agent C.J. Watson. The Magic tried to engineer a deal for Watson last summer but couldn't reach an agreement with the Warriors.

The Warriors would have seven days to match any offer sheet Watson signs with Orlando.

"We look at everyone on the list," Smith said. "C.J.'s on that list, but he's also a restricted guy, and those guys are little bit trickier to get than unrestricted guys. So, I think you look at everyone on your list and you try to make it work for you."

Read Josh Robbins' blog at OrlandoSentinel.com/magicblog and e-mail him at jrobbins@orlandosentinel.com. Subscribe to our Orlando Magic newsletter at OrlandoSentinel.com/joinus.